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Welcoming the decision of the Union cabinet on classifying MSMEs on basis of annual turnover, Chief Minister Jai Ram Thakur today said that it will not only benefit the MSMEs but they could be now exactly categorised on the basis of their inherent ability.

This is an honest classification of Micro, Small and Medium Enterprises (MSME) which reflects the level of operations so that all concessions and facilities for which they were eligible can be focused on without ambiguity, he added.

"I believe that the decision will further ease doing of business. This will promote the growth of MSME sector and especially after the onset of GST regime. This decision will also boost more investment in the sector as of flexible criteria for them has been put in place," he said.

Now, the micro enterprise will be classified as having annual turnover of less than or equal to five crore, similarly,small enterprisehaving turnover of more than five crore but does not exceed Rs 75 crore and the medium enterprises now will be those having annual turnover more than Rs 75 crore but does not exceed Rs 250 crore.

Meanwhile, Thakur also assured the power producers that all their grievances would be redressed and resolved on priority. He said that Hydel generation was not only backbone of economy but also helped in generating employment.

Presiding over meeting of Hydro power developers and producers here, he said that in the past there was little progress in Hydel generation sector and process had come to a halt for quite some time and therefore it is necessary to resolve petty issues of the Small Hydel Power producers to tap the potential of around 3,000 MW as identified by small power producers.

The chief minister said that effective measures will be taken to resolve long pending issues so that total potential 27,400 Mega Watt (MW) of identified Hydel potential in the state could be utilised. So far, only 10,519 MW has been generated.

The government is contemplating to make changes in Hydel Power Policy and it would be ensuredthatin the first stage clearances should be given without delaywithin one monthby all concerned, Thakur said, adding that construction stage issues pertaining to tariff were to beresolved and in the third stage the post commissioning issues as deliberated upon can be taken up.

The tariff issue can be discussed with regulator and the tariff applicability from the date of commercial commissioning can be explored, he said.

The no objection certificates (NOC) with regard to forest clearance, IPH departmentand other line departments will be speed up said the Chief Minister.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)